Required minimum distribution (RMD) rules are similar for IRAs and employer retirement plans, but there are some key differences you should keep in mind.
Note: Don't use the table above if your spouse is the sole beneficiary of your IRA and is more than 10 years younger than you. Refer to publication 590-B for Joint Life & Last Survivor Expectancy Table. Beneficiaries of inherited IRAs generally follow a Single Life Expectancy table. Strateg...
If you’re thebeneficiary of someone’s IRA account,you have several options. You could: Open an inherited IRA and continue tax-deferred growth with the option to make withdrawals immediately without penalties. Take the inheritance in a lump-sum withdrawal for immediate access to the...
For example, say you are married, your spouse isn’t more than 10 years younger than you (and not the sole beneficiary) and you turned 74 in October 2022. The value of your traditional IRA on Dec. 31, 2022, was $1,000,000. Using Uniform Lifetime Table III, you see that the distr...
Other factors include your spouse’s age (if you are married) and whether or not your spouse is your beneficiary. Remember, you have to calculate the RMD for each qualifying retirement account. And you must calculate your RMD each year, for each account, because the amount changes as you ...
Are Roth IRAs subject to RMDs? Is an inherited IRA/beneficiary IRA subject to RMDs? Who falls under the old rules for inherited IRA distributions? Who are eligible designated beneficiaries? Who's subject to the 10-year rule for inherited IRAs and how does it work? Which calculator do...
date of retirement, whichever comes later. The required minimum distribution may or may not betaxable, depending on the type of IRA. The amount of the minimum required distribution is determined by thevalueof the IRA, the length of time the annuitant has contributed, and the amount of...
This will be your RMD withdrawal amount for this tax year.Q: I am married. Will my spouse’s age impact my RMD amount? A: Your spouse’s age can impact your required minimum distribution amount; for example, if he or she is listed as your IRA account’s sole beneficiary or is more...
Different situations call for different tables. For example, if you have a non-Roth IRA and the account's sole beneficiary is your spouse, and your spouse is more than 10 years younger than you, you will need to use a different table than other account holders.4 For traditional IRA accoun...
(RBD), you are required to take annual beneficiary RMDs over yourlife expectancy, starting the year after the owner’s death. In some cases, you might be subject to thefive-year ruleinstead. Under the five-year rule, you don't need to take distributions for the first four years, but ...